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10 Apr, 2023 14:10

Russia remains India’s top oil supplier – data

Moscow provided 34% of the Asian country’s oil imports in March, according to Vortexa
Russia remains India’s top oil supplier – data

India’s purchases of Russian oil reached an all-time high of 1.64 million barrels per day (bpd) in March, Bloomberg reported on Sunday, citing energy cargo tracker Vortexa.

Russian crude exports to India slightly exceeded the 1.62 million bpd recorded in February and places the country as India’s leading oil supplier for six consecutive months.

Data also showed that Indian imports of Russian oil in March saw significant year-over-year growth. In March 2022, the South Asian country purchased just 68,600 bpd, around 24 times less than the same month this year.

Russia’s share of Indian oil imports reached 34% in March, double the figure for traditional top supplier Iraq.

Iraq reportedly shipped 821,952 bpd, making it India’s third biggest supplier after Saudi Arabia, which exported 986,288 bpd to the country.

The UAE overtook the US to become India's fourth largest source, with the Gulf nation exporting 313,002 bpd in March. The US supplied 136,464 bpd last month, down from 248,430 bpd in February.

India is the world’s third-largest oil consumer. It began to boost purchases of Russian oil offered at a discount after Western states shunned direct supplies in response to Moscow’s military operation in Ukraine.

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